New Immigrant Mortgage
What’s a New Immigrant Mortgage?
A new immigrant mortgage is a home mortgage provided to a newly landed immigrant in Canada. Canadian banks can provide mortgage financing to new immigrants at 65% to 70% of the purchase price of a residential property. For multi-million dollar homes, mortgage financing may be adjusted and required approval from the bank’s higher management.
Applying for a mortgage
The mortgage qualification rules for a new immigrant mortgage are different from other Canadian home buyers. They are not required:
1. To show proof of Canadian employment or income.
2. Or, to show established credit in Canada.
Here are some of the requirements expected from a new immigrant when he is applying for a home mortgage:
a) 30% to 35% down payment from borrower’s own resources.
b) Up to 70% financing on purchase price or appraised value.
c) No requirement to show proof of Canadian incomes.
d) Confirmation on date of landing required.
e) May require 6 to 12 months payment deposit with lender.
f) May require a bank reference from the country of origin.
A mortgage broker will be able to advise you on the best mortgage rates and mortgage products best suited to you. For more information on how to apply for a new immigrant mortgage, you can call James Wong at 604-721-4817 for a discussion.
